Speed of payment after liquidation

In case you’re owed money by Highbury – although let’s face it, unless you’re a preferential creditor, there’s probably nothing coming for us because of all the debts the company owed to preferred creditors – I thought I’d give you an idea of how long it takes liquidators to decide how much money to dish out.

I’ve just received notice that the liquidators of a company that went bankrupt mid-2004, owing me £875 from an invoice I’d sent in May 2004, are about to pay out. I’ll get 22.98p in the pound.

So that’s just over two years to get paid a fifth of what I was owed. The wheels of financial justice move slowly, my friends.

Actually, the liquidator were going to pay out in August, but they got my address wrong and sent the cheque to the wrong address. I only found out because they’ve just sent me the “we’re winding things up now” letter, which somehow made it through.

PS Anyone who did work for Highbury’s “ringfenced fund” back in January should now have received a letter telling them what’s happening. If you haven’t yet received a letter, give BDO Stoy Hayward a call or else you won’t stand a chance of getting paid.

3 Replies to “Speed of payment after liquidation”

  1. Highbury House
    Just stumbled on this blog regarding Highbury House. Having made a bid for the special interest division which was later apparently beaten by an unknown in the publishing world let alone the special interest sector I am interested to know if anyone has a copy of the report and accounts from either EY or BDO. I have yet to see proof my bid was beaten in terms of proof the purchasers actually paid the cash. Interstingly the new owners Magicalia who purchased from Encanta are owned and run by the same person. The sale netted ?Ǭ�750,000 profit for those involved. Not bad for 7 months work! It may be the case the intitial sale was an undervalued transaction which is underlined by someone making ?Ǭ�750,000 buying and selling it to themselves in such a short space of time. I have no doubt if the real price had been paid this ?Ǭ�750,000 could have been distributed to the unpaid contributers. Any evidence would be helpfull as I do intend to press on with my own claim that the sale of the assetts of this PLC may not have been handled in the best interests of the creditors or indeed shareholders.

  2. Hi, I am a share holder in Highbury House. Have only just found out that they have gone into receivership. I have had no letter or other information. Could somebody please tell me the exact date of this calamity? I remember the days when HHO was 60p a share! and full of hope for a bright future. What on earth happened to this company? I certainly seem to know how to pick them! Another one of my “investments” was Leeds United! Also a total write-off!
    Any info on Highbury House would be gratefully received. Gertrude

  3. I was comissioned by the editor of popular crafts 4 months before highbur liquidated.They were obviously aware of what was to happen and yet proceeded commissions knowing the partisipants would not be paid.My letters have never been acknowledged,it is if I never[conveniently]existed.LJ.Mason.

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